Kuok Khoon Ho quits Transmile board

Kuok Khoon Ho quits Transmile board

Tags: Kuok Brothers Sdn Bhd | Kuok Khoon Ho | resignation | Transmile Group Bhd

Written by Financial Daily
Wednesday, 07 October 2009 10:36

KUALA LUMPUR: Beleaguered TRANSMILE GROUP BHD [] saw the resignation of non-independent and non-executive director Kuok Khoon Ho.

The air transportation company said Kuok’s resignation took effect yesterday. He had been with the board since April 2004.

Kuok, 59, is the chairman of Kuok Brothers Sdn Bhd, which holds a 17.99% stake in Transmile or 48.6 million shares. Kuok himself holds 50,000 shares.

Transmile has borrowings of up to RM575.29 million as of June 30, 2009. It posted net loss of RM449,000 on the back of RM38.53 million in revenue in the second quarter ended June 30.

The company, which was a darling of foreign investors, was once trading at a high of RM13 in May 2007. But since then, its share price has plunged after the uncovering of massive financial irregularities. The stock closed unchanged at RM1.16 yesterday.

The Securities Commission had in July preferred criminal charges against Transmile’s former chief executive officer Gan Boon Aun, former chief financial officer Lo Chok Ping and executive director Khiudin Mohd under the Securities Industry Act 1983.

The charges were for abetting Transmile in making a statement that was misleading, in particular relating to revenue in the unaudited consolidated results for the financial year ended Dec 31, 2006. The misleading statement was in relation to its reported revenue of RM338.47 million.

However, in May last year, the SC withdrew the charge against Lo after he paid a compound of RM700,000.


This article appeared in The Edge Financial Daily, October 7, 2009.